According to Klaus Schwab, Founder and Executive Chairman, World Economic Forum, after World War II, the international community came together to build a shared future. Now, it must do so again. Owing to the slow and uneven recovery in the decade since the global financial crisis, a substantial part of society has become disaffected and embittered, not only with politics and politicians, but also with globalization and the entire economic system it underpins.
In an era of widespread insecurity and frustration, populism has become increasingly attractive as an alternative to the status quo. But populist discourse eludes – and often confounds – the substantive distinctions between two concepts: globalization and globalism. Globalization is a phenomenon driven by technology and the movement of ideas, people, and goods.
Globalism is an ideology that prioritizes the neoliberal global order over national interests. Nobody can deny that we are living in a globalized world. But whether all of our policies should be “globalist” is highly debatable. The forum is a session world leaders come together at the dawn of every European year to discuss on global, regional and industrial agendas and set directives.
Senior Adviser to the Governor, Bank of England, Huw van Steenis, stated in his article that the mood at Davos 2019 was the most uncertain in years. Trade tensions between the US and China, slowing global growth, the backlash against big tech, volatile markets and political standoffs are sowing seeds of doubt with investors and business leaders. It’s a long way from the heady exuberance of last year. Conversation was dominated not only by who was there, but by who was not.
Numerous political leaders stayed at home.Behind the scenes, the writer said, “I found three big themes with special relevance to finance.” As to his perception the first theme is how people of the world should be worried about artificial intelligence (AI) that replaced blockchain as the big conversation for executives, second only to US – China trade. The second theme he perceived was whether big tech beat big finance.
There has been a sea change in recent years at Davos around the perceived threat from new tech-enabled models to impact banks’ profits. Bankers and some policy makers worry that new entrants could undercut banks’ profits and leave banks exposed with expensive legacy costs. Steenies thirdly perceived about how to mainstream sustainable investing.
He was encouraged by how some leading investors were taking practical steps to make sustainable investing mainstream As part of the globalized world, Ethiopia,attended the forum represented by its reformist prime minister. The partaker premier Dr. Abiy Ahmed, thus,used the occasion as a good opportunity to highlighting the ongoing reform thriving in the length and breadth of the country since he came to power. Of course, Ethiopia is not only a mere partaker of the forum held year after year, but has got the chance of hosting in 2012 with the motto of “Shaping Africa’s structural transformation.” The overall growth and economic outcome countries registered are the basic criteria to attend the forum. Ethiopia has been partakingthis forum since the past consecutive years.
Its deeds related to climate change and efforts exerted in maneuvering homeland economic growth are the major ones to make it firstpicked from African countries. These opportunities of participating year after year paved the way for Ethiopia promoting the nation and drawing attention of investors on top of playing its role of African voice while raising continental agendas.
The ex primersMelesZenawi and HailemariamDesalegn had done their best in promoting Ethiopia, luring investors those are rare to catch on other forums and feeding them with real picture of our country. For instance,Hailemariam said, “Discussions with investors attended the 47th forum and showed keen interest in investing on power generation, tourism and other sectors was successful.
Many of them revealed their readiness of investing on power generation and some already began participating in bids following conducting studies. We are fruitful in encouraging them to sustainably invest in our country. And also, we have talked to others those want to engage in tourism and hotel business”. On this year’s session, the 49th WEF, the acting premier Abiy Ahmed conducted strategic discussions with different companies CEOs on the options of attracting private investment. These energetic discussions indicated the preliminary facts regarding investment potentials in Ethiopia and policy priority, noted the prime minister office.
In addition, the primer had discussion with Dubai Investment Fund Corporation CEO, Mohammed Al Sheiban and on the occasion, the corporation stated clearly its desire to invest on hospitality and agriculture business. As the leader of poor but registering rapid economic growth, the primer grabbed attention and become the talk of many. On his speech at the forum, he raised various issues that indicate the booming the country has been registering such as; over 9% average growth in the past ten consecutive years, poverty reduction by half and accessibility of education.
On top of these successes and good opportunities, he admitted the trials the country is still encountering particularly in creating sufficient job for the youth and sustaining the ongoing growth. Having said this, he invited investors to invest in Ethiopia as it is suitable for investing and working harmoniously. In addition, he noted about the reform underway in Ethiopialaid its footing on ‘medemer’ philosophy meaning accretion or synergy and the basis on three pillars such as; enhancing democracy, escalating economy and bringing about regional integration.
Relating about the practical actions of these pillars, the premier further explained like releasing political prisoners; inviting competing political parties those settled abroad to come to their homeland aiming to struggling ideologically instead of fighting with armaments; engaging private investors to the economy in wider range and ensuring beneficiary of youth and women as well as gender balance in the government cabinet and strengthening regional integration which is essential not only for the Horn states but also for the whole Africa.
Ethiopia has registered a number of changes within not more than ten months of his leadership as to Dr. Abiy. Among these are: opening the economy which includes the sectors previously locked for private investors;lifting the state of emergency; prioritizing issues of public agenda and media freedom. The reform undergoing as a nation could not be practical without the internal reform of the ruling party EPRDF as to the premier and this in turn grabbed public goodwill. Ethiopia, having a great vision, has embarked on a comprehensive reform focusing on political and economic changes, he noted.
Herald FEBRUARY 5/2019
BY BACHA ZEWDIE
